Although it seems simple on the surface, finding a merchant account for CBD business isn’t a quick process. There are several reasons why CBD is a high-risk industry, making it challenging to acquire payment processing support. CBD business owners can’t walk into a bank and ask for an account to process payments like other businesses. Due to the controversy and legalities within the CBD industry, many banks won’t support high-risk accounts, which is why having a CBD merchant account is an essential piece of your business’ success.
Whether you are new to the CBD industry or considering a change in merchant accounts, it’s essential to consider several aspects of your business when selecting a CBD merchant account. A CBD merchant account is the provider that allows you to sell your variety of CBD products to customers legally. Some of these products can include CBD supplements and vitamins, CBD beauty products, CBD oils, CBD pet products, hemp oils, CBD vaping oil and pens, CBD edibles, CBD creams, and topical treatments, CBD pain-relief sprays, CBD extracts, and more.
Your provider should be your go-to source for industry-related knowledge that will support your business’s growth and scale. Here are some considerations to keep in mind when evaluating prospective merchant account providers for your CBD business.
If you’re looking specifically for a CBD oil merchant account or a CBD merchant account for various products, keep the above considerations in mind while you’re searching for the best merchant account provider.
Chargebacks have an extensive effect on the CBD industry. The best way to fight chargebacks is to prevent them in the first place. It’s crucial to find a provider with an inside experience that understands the complexities of your industry. An expert team with your merchant account provider can keep your dispute-per-transaction ratio low, so you aren’t worried about the challenges resulting from a high percentage of chargebacks. What’s worse is that if you don’t have the merchant account’s support, they could terminate you and cause a freeze on your account. You’re unable to process credit and debit payments for products, which can be detrimental to your business, depending on how long the freeze is in place.
Another way your merchant account provider shows support lies within their approach with you as a customer. Do they take a personalized approach to create custom solutions for your business? If they’re treating all their business the same regardless of industry—they might not grow like they would with a specific plan to their individual business needs. When you have a supportive merchant account, they understand high-risk industries and the process of chargebacks from beginning to end. Chargebacks are a massive hurdle to conquer when selecting a CBD merchant account provider for your business.
Take time to ask a CBD payment processor about additional services they can offer your business. All company approaches are unique, and it is crucial to depend on your CBD credit card processing platform for all of your payment needs.
Regardless of your business goals, WizoPay can lead your business to success as your CBD merchant account provider. With an expert team with extensive knowledge of regulatory requirements, fraud protection, chargeback support, and more, your business can look to WizoPay for low rates, eCommerce shopping cart integrations, and other means of service to help your business scale and grow. Our staff has worked with many high-risk industries in addition to CBD, which makes us well-versed in all the concerns you may face as a business. As your CBD merchant account, we guarantee quality, custom support to exceed your expectations.